Code of Federal Regulations (Last Updated: April 5, 2024) |
Title 13 - Business Credit and Assistance |
Chapter I - Small Business Administration |
Part 107 - Small Business Investment Companies |
Subpart C - Qualifying for an SBIC License |
Organizing an SBIC |
§ 107.115 - 1940 Act and 1980 Act Companies.
Latest version.
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§ 107.115 1940 Act and 1980 Act Companies.
A 1940 Act or 1980 Act Company is eligible to apply for an SBIC license, and an existing Licensee is eligible to apply for SBA's approval to convert to a 1940 Act or 1980 Act Company. In either case, the 1940 Act or 1980 Act Company may elect to be taxed as a regulated investment company under section 851 of the Internal Revenue Code of 1986, as amended (26 U.S.C. 851). However, a Licensee making such election may make Distributions only as permitted under the applicable sections of this part (see the definition of Retained Earnings Available for Distribution, § 107.585, and §§ 107.1540 through 107.1580).